What is Scotiabank’s Estimate for Fortinet FY2024 Earnings?

Fortinet, Inc. (NASDAQ:FTNT) – Analysts at Scotiabank lifted their FY2024 earnings estimates for shares of Fortinet in a research report issued on Wednesday, January 8th. Scotiabank analyst P. Colville now expects that the software maker will post earnings of $1.95 per share for the year, up from their prior forecast of $1.75. Scotiabank has a “Sector Outperform” rating and a $110.00 price objective on the stock. The consensus estimate for Fortinet’s current full-year earnings is $1.94 per share.

Other analysts have also recently issued reports about the company. Mizuho upped their target price on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a research report on Thursday, December 19th. Cantor Fitzgerald upped their price target on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Finally, StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $94.35.

Fortinet Stock Performance

NASDAQ FTNT opened at $94.56 on Monday. The company has a market capitalization of $72.48 billion, a price-to-earnings ratio of 47.76, a PEG ratio of 2.76 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet has a twelve month low of $54.57 and a twelve month high of $101.00. The stock has a fifty day simple moving average of $94.59 and a 200 day simple moving average of $79.44.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 68,123 shares of company stock valued at $6,227,201. Company insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Institutional investors have recently made changes to their positions in the business. First Hawaiian Bank purchased a new stake in shares of Fortinet during the fourth quarter valued at approximately $670,000. LVM Capital Management Ltd. MI increased its position in shares of Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after acquiring an additional 8,707 shares during the period. Apollon Wealth Management LLC raised its stake in shares of Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after acquiring an additional 1,081 shares during the last quarter. Forsta AP Fonden boosted its holdings in shares of Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares during the period. Finally, Quadrature Capital Ltd bought a new position in Fortinet during the 3rd quarter valued at approximately $10,343,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

About Fortinet

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.